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Tag: Income Tax Department

CBDT Issues FY’25 Interim Action Plan for Tax Officers
11Apr By adminNo Comments
Business

CBDT Issues FY’25 Interim Action Plan for Tax Officers

The action plan also stipulates timeline for approval of refunds, identification of cases where seized assets are due for release and release the same by June 30, 2024.Taxpayers are now required to file applications before the assessing officer for pending refunds pertaining to their respective assessments.The income tax department has come out with an interim action plan for 2024-25 fiscal year, which include identification of potential cases of prosecution, wherein there is short-payment of TDS and faster disposal of appeals.The action plan also stipulates timeline for approval of refunds, identification of cases where seized assets are due for release and release the same by June 30, 2024.It also called for finalisation of compounding proposals pending as on March 31, 2024, and disposa...
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Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year
1Jan By adminNo Comments
Business

Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year

The low number of ITRs filed by assessees has been one of the major concerns of the revenue authorities, which is gradually being addressed Record 81.8 million income tax returns (ITRs) were filed till December 31 for the assessment year 2023-24, up nine per cent over 75.1 million in the corresponding period of 2022-23. According to the income tax site, 79.9 million returns have been verified and 77.7 million processed during the period. The low number of ITRs filed by assessees has been one of the major concerns of the revenue authorities, which is gradually being addressed. For instance, 58.7 million returns were filed by income tax assessees during the assessment year 2018-19, which rose to 66.9 million the next year. The Covid-hit 2020-21 year saw a decline to 63.9...
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Income Tax Department: Discard Income Tax return: 5 things to keep in mind before exercising new option by Income Tax Department
30Nov By adminNo Comments
Business

Income Tax Department: Discard Income Tax return: 5 things to keep in mind before exercising new option by Income Tax Department

Filing an income tax return (ITR) is an annual compliance obligation of the taxpayers. With the increase in the number of tax returns being filed, awareness regarding the steps to be followed by them to complete the ITRfiling process is a must. To start with, you login to your e-filing account on the income tax portal, select the applicable tax return form and provide the required information.Post validating the online filled form, you will submit it and the ITR will be uploaded and an acknowledgement of filing - ITR V is generated. But is this the last step of the process? The answer is NO. An important stage of the e-filing process is verification of the uploaded ITR. Without verifying, your return will not be construed as ‘filed’ and hence, the post filing step is a prerequisite to ens...
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Income Tax: Explained: What is the new Discard Income Tax Return option? Benefits for taxpayers & all FAQs answered
28Nov By adminNo Comments
Business

Income Tax: Explained: What is the new Discard Income Tax Return option? Benefits for taxpayers & all FAQs answered

Discard Income Tax Return explained: The Income Tax Department, in an attempt to streamline the process of filing income tax returns further, has this year come up with a new feature called “Discard return”. As the name suggests, the new option allows an income tax payer to “discard” their IT return, instead of filing a revised one in case of any error.However, there is a catch! You can only avail the “Discard” ITR option if you have not verified your income tax return for the assessment year 2023-24.Let’s understand this better:What is the “Discard” ITR option?If you “discard” your tax return on the income tax return filing website, www.incometax.gov.in, it will be deleted from the records of the Income Tax Department forever and there is no way of retrieving it by the taxpayer. The proc...
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Take home salary to increase? I-T department notifies new rules for valuing rent-free accommodation by employers
19Aug By adminNo Comments
Business

Take home salary to increase? I-T department notifies new rules for valuing rent-free accommodation by employers

In a move that will positively impact employees with substantial salaries and employer-provided rent-free housing, the income tax department has announced revisions to the valuation norms for such accommodations. According to a PTI report, the new changes will come into effect from September 1, and will likely increase take-home salaries for eligible employees.The Central Board of Direct Taxes (CBDT) has notified the amendments to the Income Tax Rules, bringing about these changes. The modifications concern the valuation of unfurnished accommodations that are owned by employers and offered to employees outside the central or state government sector.According to the revised notification, the valuation for such accommodations will be as follows:In cities with a population exceeding 40 lakh ...
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Why moonlighting professionals have come under Income Tax Department’s scanner
8Aug By adminNo Comments
Business

Why moonlighting professionals have come under Income Tax Department’s scanner

Have you been moonlighting? Did you earn additional income from a job apart from your regular employment but did not disclose it in your tax return? The Income-Tax Department has been sending notices to numerous professionals who failed to report additional earnings beyond their regular salaries in their tax returns, according to an ET report. A substantial volume of notifications pertained to the financial years 2019-2020 and 2020-2021, according to informed sources quoted in the report. Moonlighting gained traction during the pandemic, especially within the IT sector, as remote workers sought supplementary employment alongside their primary jobs.In various instances, income earned from supplementary employment – often referred to as moonlighting – was higher than the salary from the pri...
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IT Dept Data: 1.69 Lakh Individuals Declare Income Above Rs 1 Cr, A 2x Increase In 2 Years
7Aug By adminNo Comments
Business

IT Dept Data: 1.69 Lakh Individuals Declare Income Above Rs 1 Cr, A 2x Increase In 2 Years

As per the tax return data filed in assessment year (AY) 2022-23, 1,69,890 individuals have shown total income of above Rs 1 crore. (Representative image)During AY 2022-23, over 2.69 lakh entities, including individuals, companies, firms and trusts, have shown total income of above Rs 1 crore. Income Tax Return: Individuals reporting annual total income of over Rs one crore have doubled to 1.69 lakh in the two-year period ending March 2022, the income tax department data showed. As per the tax return data filed in assessment year (AY) 2022-23, relating to income earned in fiscal 2021-22), 1,69,890 individuals have shown total income of above Rs 1 crore.This is higher than 1,14,446 individuals who had shown similar income in AY 2021-22. The number has doubled since AY 2020-21, w...
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Record 6.77 Cr ITRs for AY 2023-24 Filed Till July 31: Income Tax Department
1Aug By adminNo Comments
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Record 6.77 Cr ITRs for AY 2023-24 Filed Till July 31: Income Tax Department

Published By: Kavya MishraLast Updated: August 01, 2023, 20:48 ISTThe deadline to file your ITR for the financial year 2022-2023 was July 31.July 31 was the last date for filing income tax returns by salaried taxpayers and those who do not need to get their accounts audited for income earned in the 2022-23 fiscal yearThe income tax department on Monday said a record 6.77 crore income tax returns for the assessment year 2023-24 were filed till July 31, including 53.67 lakh first-time filers.“The total number of ITRs for AY 2023-24 filed till 31st July 2023 are more than 6.77 crore, which is 16.1 per cent more than the total ITRs for AY 2022-23 (5.83 crore) filed till 31st July 2022," the income tax department said in a statement.July 31 was the last date for filing income tax returns by s...
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Over 4 crore ITRs filed for FY23 so far, 7% new filers this time: CBDT chief
24Jul By adminNo Comments
Business

Over 4 crore ITRs filed for FY23 so far, 7% new filers this time: CBDT chief

NEW DELHI: More than four crore income tax returns (ITRs) for the 2022-23 financial year have been filed so far and about 7 per cent of these are new or first-time filers, CBDT chairperson Nitin Gupta said on Monday.He said that more than half of these ITRs have been processed leading to 80 lakh refunds till now.The "shortage of manpower at every level was impeding our efforts to give even better results", Gupta said and urged Union Finance Minister Nirmala Sitharaman for a "quick approval" of the department's cadre restructuring proposal.The chairperson was speaking at an event held here to mark the 164th Income Tax Day where Sitharaman was the chief guest. The Central Board of Direct Taxes (CBDT) is the administrative authority for the Income Tax Department.Gupta said direct tax collect...
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Income Tax Day 2023: Why is July 24 Celebrated As Aaykar Diwas? Date, History and Significance
23Jul By adminNo Comments
Business

Income Tax Day 2023: Why is July 24 Celebrated As Aaykar Diwas? Date, History and Significance

Published By: Nibandh VinodLast Updated: July 23, 2023, 17:00 ISTIncome Tax Day is celebrated by a number of outreach programmes and events designed to promote tax payments. (Image: Shutterstock)Sir James Wilson implemented Income Tax in India on July 24, 1860. Check out history, significance and how to celebrate Income Tax Day 2023. INCOME TAX DAY 2023: July 24 was officially adopted as the Income Tax Day or Aaykar Diwas to commemorate 150 years of this tax in India. The day is celebrated by a number of outreach programmes and events designed to promote tax payments and educate future taxpayers about the importance of tax payments. We as citizens can help our country prosper by paying our taxes on time. The Income Tax department, headquartered in New Delhi, is in charge of direct tax co...
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